Oman plans to divest stakes in state-owned firms

(MENAFN) The Omani government announced its intention to divest its stake in state-owned companies through initial public offerings (IPO), Times of Oman reported

Executive President of Capital Market Authority (CMA) told Times of Oman: "His Excellency Darwish bin Ismail Ali Al Balushi, minister responsible for financial affairs, stated that 11 companies will be floated in the market, probably not all of them this year.

The bid comes as an attempt to spur stock market trading and pass on the benefits of corporate earnings to the nationals

The first company to offer shares is state-owned Oman Telecommunications Company (Omantel), which is planning to offer 142.5 million shares, or 19 per cent of government ownership in the company

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